Skip Payment definition

Skip Payment. If we make a skip payment option available, you may skip making your payment(s) for certain month(s). If you choose this option, interest will continue to accrue, but no late payment charges will be imposed during the skip period. All credit terms applicable immediately prior to the skip period will again apply once the skip period has expired.
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Skip Payment. We may allow you to skip one or more monthly payments during a year. This option, if made available to you, will be effective for only one month at a time. You will be given notice of any month for which the option is available. If we allow you to skip a payment, you may be required to pay a Skip Payment Fee, as provided in Section 9(b), Finance Charges will continue to accrue on the Account balance, and the regular Minimum Payment Due will be applicable for the next month. Allowing you to skip a payment will not extend the period within which you must pay the New Balance on a periodic statement to completely avoid paying a Finance Charge on Purchases as described in Section 7.
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Examples of Skip Payment in a sentence

  • To qualify for a skip payment: • the Credit Card account must be opened for at least six months with a payment made each month; • Savings or spending account must have enough funds to cover any applicable fees; • Your Credit Card may not be past due, have any unpaid fees, or in default; and • One Skip Payment is allowed per credit card per rolling calendar year (12 months).

  • Skip Payment Option will not be available to you if your Accounts are delinquent or in default.

  • To qualify for a skip payment: • the Credit Card account must be opened for at least six months with a payment made each month; • Savings or spending account must have enough funds to cover any applicable fees; • Your Credit Card may not be past due, have any unpaid fees, or in default; and • One Skip Payment is allowed per credit card per rolling calendar year.

  • We have no obligation to accept your application for any Skip Payment Period offered, and you authorize us to investigate your creditworthiness including obtaining consumer credit reports.

  • Skip Payment Option ..............................................................

  • Beginning with the billing cycle following an allowed Skip Payment Period, all other provisions of this Agreement will apply.

  • The correspondence We send You immediately preceding the Skip Payment Period will identify the month(s) that You may skip, and the Periodic Statement sent to You immediately following the Skip Payment period will indicate the Minimum Monthly Payment due.

  • When designing cardholder letters, you may select from templates in the following categories: Customer Service, Solicitation Mailer Response (SMR), Delinquent and Overlimit, Skip Payment, Chargebacks, Balance Transfers, Non-Reissue, New Accounts and Fraud The Merchant Letters manual involves written communication with your merchants.

  • You may skip the minimum payment for those months when you are on strike if (1) the strike lasts for at least 30 days and is sanctioned by your Union and (2) your Union notifies us that you qualify for the Strike Skip Payment.

  • The Periodic Statement sent to You immediately following the Skip Payment period will indicate the Minimum Monthly Payment due.

Related to Skip Payment

  • AHYDO Catch-Up Payment means any payment on any Indebtedness that would be necessary to avoid such Indebtedness being characterized as an “applicable high yield discount obligation” under Section 163(i) of the Code.

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Delta Payment means as it is described in this Agreement.

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Interim Payment has the meaning specified in Section 10.1.